Peachtree Group has acquired the AC Hotel Park City in Park City, UT, the company’s sixth hotel acquisition this year.

“Our team has successfully acquired a number of hotel properties at below-market prices, taking advantage of the current slowdown in transactions,” said Greg Friedman, managing principal/CEO of Peachtree. “While the market is slower than usual due to high interest rates, tighter lending conditions, economic and geopolitical uncertainty, we continue to remain active, capitalizing on unique opportunities that arise in this environment while employing multiple strategies that allow us to capitalize on the current market dislocation. By staying patient and strategic, we’ve been able to secure valuable assets while others take a more cautious approach.”

The six acquisitions, totaling 789 rooms, include three Hilton hotels and three Marriott hotels. All hotels are operated by Peachtree’s hospitality management division, which currently manages 93 hotels across 27 brands, with 11,837 rooms located in 26 states.

Besides the AC Hotel Park City, the acquired properties include:

• 128-room Residence Inn by Marriott in Wesley Chapel, FL
• 114-room Residence Inn by Marriott in Oakhurst, NJ
• 146-room Home2 Suites by Hilton in Falls Church, VA
• 130-room Home2 Suites by Hilton in Lawrenceville, GA
• 180-room Hilton Garden Inn in Denver

As the transaction market normalizes, Peachtree remains well-positioned to expand its portfolio and enhance long-term returns, according to the company.

“What’s even more promising is that the bid-ask gap between buyers and sellers is beginning to narrow, as outside market pressures continue to put stress on property-level economics,” Friedman said. “Given these factors, we anticipate an increase in transaction activity in the waning months of 2024 and into 2025.”

Owners with looming maturities are becoming more motivated to sell rather than face costly refinancing, creating opportunities for well-capitalized buyers.

“As the market rebalances, we are well-positioned with a diverse platform and a proven track record of execution that will allow us to continue our momentum and seize on attractive opportunities in the months ahead, ” Friedman added.

The post Peachtree Group acquires AC Hotel Park City appeared first on hotelbusiness.com.

This post was originally published on this site